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Govt. skips schooling on how to make Guyana competitive
Dr. Christian Ketels of Harvard Business School makes his presentation to an almost empty conference room
Kaieteur News – As the International Energy Conference and Expo continued yesterday with specialists flying in from across the globe to advise Guyana on the better management of the oil sector, the government decided to sit out a session which was specifically targeting ways to make the country more competitive.
The session was facilitated by Dr. Christian Ketels of Harvard Business School. Unfortunately, none of the officials from the Government end, including the Natural Resources Minister, though present, participated in the discussion.
Nonetheless, Dr. Ketels in his presentation spoke to the important role that the oil sector plays in driving Guyana’s economy. To this end he said, “In Guyana, the oil and gas industry is both the fuel and the lubricant of its economic development…it is a driver of the much broader change in this country’s trajectory moving forward.”
He therefore urged that investors understand that trail in order to cooperate with the government.
Dr. Ketels also noted during his presentation that while the oil sector is poised to create vast economic opportunities for the country, and also provide Guyana with resources and capital currently lacking, the sector also exposes the country to grave dangers, including that of the dreaded Dutch Disease.
‘Dutch Disease’ is a term used to describe the paradox which occurs in countries producing oil when the oil reserves end up harming a country’s broader economy. Symptoms include a rise in currency value leading to a drop in exports and even the loss of jobs sometimes.
According to the Harvard scholar, this occurrence is not something that can be “taken away” but rather managed.
He explained, “Dutch Disease in natural resource countries is not something that we can take away. The impact of rising exchange rate for example, rising tendency in people moving…it can be managed, the impact of the sector can be managed and that is what is important to have in mind.”
Though he did not delve into specific areas of managing the occurrence, he went on to say that Guyana, therefore, must not only consider economic progress and competitiveness, but also take focus on social progress.
Dr. Ketels said, “It means that we cannot think just about economic progress and competitiveness. We need to think about social progress…”
He said too that Guyana is at the forefront of the energy transition, hence the global economy would “glue its eyes and hope” that the country has a success story. Dr. Ketels added too that how the country operates would be critical to ensuring a sustainable environment.
The International Energy Conference and Expo, a four-day event, is being hosted by Guyana under the theme ‘Charting a Sustainable Energy Future’. The session kicked off on February 15, and will culminate on February 18.
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